April 2024

Hi,

One of the most popular real estate related questions I get are from people on the sidelines waiting for either prices to fall or interest rates to come down.

They don’t understand why people are buying homes?

There is a lot of local economic confidence here in Las Vegas. Home buyers believe their financial situations are stable and are more willing to make long-term investments like buying a home, even if interest rates are high.

The purchase of real estate should almost always be considered a long-term investment. Whether the purchase is for your primary residence, a vacation home or rental, ownership is a way to build equity over time.

Real estate can also act as a hedge against inflation, as property values tend to increase over time. Inflation erodes the value of money, so people may invest in real estate to preserve and build wealth.

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Las Vegas Market Snap Shot

TOTAL PROPERTIES AVAILABLE

Single family: 3,344
Condo/ Town homes: 1,219
High Rise Units: 377
Multi-Family, 2-4 Units: 60
Manufactured Homes: 81

TOTAL PROPERTIES IN ESCROW

Single family: 2,671
Condo/ Town homes: 720
High Rise Units: 78
Multi-Family: 2-4 Units: 30
Manufactured Homes: 46

PROPERTIES SOLD IN JANUARY

Single family: 1,975
Condo/ Town homes: 562
High Rise Units: 55
Multi-Family, 2-4 Units: 12
Manufactured Homes: 33

MEDIAN SALES PRICE FOR JANUARY

Single family: $470,000
Condo/ Town homes: $285,000
High Rise Units: $390,000
Multi-Family, 2-4 Units: $695,000
Manufactured Homes: $230,000

MEDIAN SOLD DOLLAR PER SQFT FOR JANUARY

Single family: $252 per sqft
Condo/ Town homes: $243 per sqft
High Rise Units: $456 per sqft
Multi-Family, 2-4 Units: $199 per sqft
Manufactured Homes: $153 per sqft

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